| Fri 7 Jan 2011, 17:05 | | ZSA - Zurich Insurance Company South Africa Limited - Revised trading statement |
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ZSA
ZSA
ZSA - Zurich Insurance Company South Africa Limited - Revised trading statement
Zurich Insurance Company South Africa Limited
(Incorporated in the Republic of South Africa)
Registration number 1965/006764/06
ISIN: ZAE000094496
JSE Code: ZSA
("Zurich" or "the Company")
REVISED TRADING STATEMENT
Further to the trading statement released on SENS on 10 December 2010,
shareholders are advised that the Company is currently finalising its results
for the year ended 31 December 2010, which should be released on SENS on or
about 28 January 2011.
The business transformation programme embarked upon in February 2010 has
contributed to a significant turnaround in the underwriting results. The
programme has right-sized the business and has created a strong platform for
future profitable growth. Performance of the equity investment portfolio was
broadly in line with the ALSI, while interest income, although impacted by lower
rates, continues to contribute positively to income.
Accordingly, earnings per share is anticipated to be in the range of 1,030 cents
to 1,333 cents per share (2009: loss per share of 1,515 cents) and the headline
earnings per share in the range of 1,010 cents to 1,459 cents per share (2009:
loss per share of 2,245 cents). The Company`s solvency margin improved and is
well within the target range set by the board.
The forecast financial information on which this trading statement is based has
not been reviewed and reported on by the Company`s auditors.
Johannesburg
7 January 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/01/2011 17:05:02 Produced by the JSE SENS Department.
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